BIRMINGHAM, ALA. AND COLUMBUS, GA. — BCDC and Adevco have broken ground on two Extra Space Storage facilities, one in Birmingham and one in Columbus. The property in Birmingham will feature 732 climate-controlled units across 100,050 square feet. The building will be located at 2864 Acton Road, eight miles south of downtown Birmingham. Great Southern Bank provided construction financing for the three-story building, which is scheduled for delivery in September 2020. The Extra Space in Columbus will offer 780 units in a 100,080-square-foot building located at 7350 Blackmon Road, 13 miles northeast of downtown Columbus. Georgia’s Own Credit Union provided construction financing for the facility, which is slated for completion in summer 2020.
TYSONS, VA. — American Real Estate Partners has purchased 1660 International Drive, an eight-story, 212,731-square-foot office building in Tysons. The property is situated 14 miles west of downtown Washington, D.C. The building was 99 percent leased at the time of sale. AREP plans to upgrade the main lobby and common areas, as well as improve the conference facilities, collaborative spaces and outdoor lounge areas. The seller and price were not disclosed.
STONE MOUNTAIN, GA. — Blue Magma Residential LLC has acquired Park at Hairston Apartments, a 360-unit multifamily community in Stone Mountain, for $22.3 million. The property offers one-, two- and three-bedroom floor plans and was 95 percent occupied at the time of sale. Blue Magma will invest $2.9 million in capital improvements to upgrade interiors and the community exteriors. The buyer will rebrand the property as The Park at Carrigan. Communal amenities include a swimming pool, children’s splash pool, playground, barbecue area, clubhouse, fitness center and a gazebo. Park at Hairston is located at 1038 S. Hairston Road, 12 miles east of downtown Atlanta. Paul Vetter of Berkadia represented the buyer in the transaction. Greystone provided acquisition financing.
HUNTSVILLE, ALA. — Eyzenberg & Co. has arranged a $22.8 million refinancing for Virtuoso Living, a master-planned, 398-unit apartment development in Huntsville. The loan was arranged on behalf of developer JCF Residences LLC to refinance the construction loan for Phase I of the community’s development. Phase I includes 178 single-story units spanning 35 acres. The units are designed to look like single-family homes, giving renters their own front and side door, yard, mailbox, patio, mudroom and parking. At full buildout, the property will span 80 acres and include communal amenities such as a swimming pool, fitness center, business center, bike rentals and a community room. Gregg Delany and Mila Babenko of Eyzenberg represented the borrower.
WASHINGTON, D.C. — Choice Hotels International Inc., along with general contractors Donohoe Development Co. and Kouchar Management, has started construction of Cambria Hotels Washington, D.C. Capitol Riverfront, a 154-room hotel. The project is scheduled for completion in early 2021. The property is located at 69 Q St. SW, three miles from the Capitol Building and walking distance to Nationals Park and Audi Field soccer stadium. Hotel amenities will include 2,500 square feet of meeting space, a ground-level restaurant, 3,500-square-foot rooftop terrace and fitness center. BBGM Architects designed the hotel.
DADE CITY, FLA. — Housing Trust Group (HTG) has broken ground on Osprey Pointe, a 110-unit affordable housing community in Dade City, 40 miles north of downtown Tampa. Located at 13021 U.S. Highway, the property will offer 99 units for those making 60 percent or below the area median income (AMI), while 11 units will be reserved for those making at or below 40 percent AMI. The property will offer one-, two- and three-bedroom floor plans with rents ranging from $544 to $1,044 per month. Communal amenities will include a fitness center, dog park, green space, gathering rooms and swimming pool. HTG expects the first units to be ready in April 2020. Financing for the $32.8 million development comes from a combination of 4 percent low income housing tax credits (LIHTCs), a construction loan by Fifth Third Bank and a permanent loan from Key Bank. Pasco County also contributed a $50,000 SHIP loan, and Florida Housing Finance Corp. provided $6 million in SAIL funds and $556,900 in ELI funds.
CANTON, GA. — Bright-Meyers-Sasser Storage 1 (BMS Storage) has opened Canton Storage, a 66,608-square-foot, 583-unit facility in Canton. The property is located at 150 Reinhardt College Parkway, seven miles from Reinhardt University and three miles from Chattahoochee Technical College. Absolute Storage Management will provide management services.
PEACHTREE CORNERS, GA. — Greystone has provided a $48 million Freddie Mac loan to refinance Village Park at Peachtree Corners, a 132-unit senior housing community. Cary Temper of Greystone originated the 10-year loan on behalf of the borrower, Harbert Seniors Housing Fund I. Village Park at Peachtree Corners offers independent living, assisted living and memory care services. The property includes communal amenities such as garden paths, a health spa, pet park, juice bar, fitness centers, stretch classes, restaurant-style dining, private transportation and a beauty and barber salon. The property is located at 5701 Spalding Drive, 22 miles northeast of downtown Atlanta.
DOTHAN, ALA. — Berkadia has originated a $17 million Fannie Mae refinancing loan for Magnolia Preserve, a 173-unit multifamily community in Dothan. The 10-year loan features a 3.7 percent fixed interest rate, 30-year amortization schedule, 75 percent loan-to-value ratio and four years of interest-only payments. Josh Finley of Berkadia originated the loan on behalf of Georgia-based Henssler Capital. Magnolia Preserve offers one-, two- and three-bedroom floor plans. Communal amenities include a swimming pool, 24-hour fitness center, cybercafé, car care area, cabana with an outdoor fireplace and a dog park.
WEST PALM BEACH, FLA. — Miami-based Tricera Capital has broken ground on the redevelopment of the Palm Beach Post newspaper office campus in West Palm Beach. The project, named The Press, will add 125,000 square feet of new retail space and 140,000 square feet of refurbished office space to the market. The project began with the demolition of a two-story office building and bridge. The development team, which acquired the 11-acre site in February 2019, will preserve most of the remaining structures, including those that housed the Post’s original office building and printing press. The retail component will be branded as Shops at the Press, and the office component will be branded as Workspaces at the Press. As part of the project, Tricera will renovate the existing four-story office building, and the newspaper will continue to operate within 35,000 square feet at the property. The building that housed the printing press will be converted into a space for retail, lifestyle and entertainment uses. The entire project is scheduled for completion during the first quarter of 2021. Tricera is close to finalizing a lease agreement with a national organic grocer to open a new store at the property, the developer says. …